Press release
Intelligent Pump Market Ensure Growth Prospects to Reach $2.1 Billion by 2031
Market Dynamics:Commonly observed types of intelligent pumps are centrifugal and positive displacement pumps. The centrifugal segment accounted for the largest intelligent pump market share in 2021, owing to its wide usage in water and low viscosity fluid pumping.
The intelligent pump market size was valued at $1 billion in 2021, and is estimated to reach $2.1 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
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Driving Demands:
The market is analyzed with respect to different components incorporated by a typical intelligent pump, which includes pumps and control systems. The control systems segment is expected to witness growth with high CAGR, owing to its increased sales with each iteration in technology. By end-user industry, it is based on industrial and building solutions.
The industrial segment registered high revenue in 2021. Furthermore, the market is mainly driven by increase in demand for wastewater treatment and rise in oil & gas sector, fueled by the risen energy demands. However, high initial cost and fluctuating cost of raw materials used for constructing intelligent pumps constraint the growth of the intelligent pump industry.
In 2021, Asia-Pacific dominated the global intelligent pumps market, in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is expected to grow with high CAGR, owing to growth in oil & gas and manufacturing industries.
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Top Players:
The key players in the intelligent pumps market are launching new and advanced products to sustain the harsh competition in the market. For instance, in March 2021, KSB SE & Co. KGaA launched hardware version of KSB guard smart monitoring solutions for pumps and other rotating equipment, used in potentially explosive atmospheres. This solution can easily be retrofitted in the existing pumps solutions.
Key companies profiled in the intelligent pump market forecast report include ABB, All Pump Solutions, Armstrong Fluid Technology, Circor International, Inc., Flowserve Corporation, Grundfos Holding A/S, Ingersoll Rand Inc., ITT Inc., Ketek Group, Kirloskar Brothers Limited (India), KSB SE & Co. KGaA, Sulzer Ltd., Unico LLC., Wanner International Ltd. (Hydra-Cell), Wilo SE, Xylem Inc., and Yaskawa Electric Corporation.
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Key findings of the Study
The report provides an extensive analysis of the current and emerging intelligent pump market trends and dynamics.
By type, the centrifugal segmented accounted the highest market in terms of revenue in 2021.
By component, the control systems shore segment is expected to grow at a higher CAGR during the forecast period.
By end-user industry, the industrial segment registered highest revenue in 2021.
LAMEA is projected to register highest growth rate in the coming years.
The key players within the intelligent pumps market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the intelligent pumps industry.
The intelligent pump market report provides an extensive analysis of the current trends and emerging opportunities.
In-depth intelligent pump market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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